ACLEDA Bank, a Cambodia-based microfinance institution (MFI), has reportedly launched a new microfinance operation in Myanmar under the name of ACLEDA MFI Myanmar. ACLEDA Bank announced its expansion into Myanmar shortly after the country lifted restrictions barring wholly foreign-owned direct investments in 2012, but operations hadn’t started until recently. According to a statement attributed to Kim Bunsocheat, CEO of ACLEDA MFI Myanmar, the new operation was started with USD 10 million in initial funding and will provide individual and group loans as well as accepting deposits in 15 townships in the Yangon region of Myanmar. Among the investors in ACLEDA MFI Myanmar is the World Bank Group’s International Finance Corporation.
According to the US-based nonprofit Microfinance Information Exchange (MIX), ACLEDA Bank reported total assets of USD 1.5 billion, a gross loan portfolio USD 1 billion, 272,300 active borrowers, deposits of USD 1.1 billion, 821,900 depositors, return on assets (ROA) of 3.73 percent, and return on equity (ROE) of 32.03 percent as of December 2011.
By Brian LeBlanc, Research Associate
About ACLEDA Bank
ACLEDA Bank is a public limited company based in Cambodia. It was originally founded in January 1993 as The Association of Cambodian Local Economic Development Agencies (ACLEDA), a non-governmental organization aiming to raise the standards of living of poor people by promoting economic activities ranging from self-employment to medium-sized business. It was licensed by the National Bank of Cambodia as a Specialized Bank in October 2000 and as a Commercial Bank in December 2003, when it was renamed ACLEDA Bank. It provides a range of banking services including deposits, loans, cash management and trade services. ACLEDA also operates in Laos and Myanmar. According to the US-based nonprofit Microfinance Information Exchange (MIX), ACLEDA reported total assets of USD 1.5 billion, a gross loan portfolio USD 1 billion, 272,300 active borrowers, deposits of USD 1.1 billion, 821,900 depositors, return on assets (ROA) of 3.73 percent, and return on equity (ROE) of 32.03 percent as of December 2011.
Sources and Additional Information:
Myanmar Times article, http://www.mmtimes.com/index.php/business/6222-cambodian-microfinance-lender-opens-in-myanmar.html
MicroCapital article, January 31, 2013, “MICROCAPITAL BRIEF: International Finance Corporation Paying $2m for Stake in Arm of Cambodia’s ACLEDA Bank Being Established in Myanmar,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-paying-2m-for-stake-in-arm-of-cambodias-acleda-bank-being-established-in-myanmar/
MicroCapital article, December 7, 2012, “MICROCAPITAL BRIEF: ACLEDA Bank of Cambodia to Launch Microfinance Operations in Myanmar in January 2013,” https://www.microcapital.org/microcapital-brief-acleda-bank-of-cambodia-to-launch-microfinance-operations-in-myanmar-in-january-2013/
MicroCapital article, January 18, 2012, “MICROCAPITAL BRIEF: responsAbility Lends $4m to ACLEDA bank, Hattha Kaksekar Limited (HKL) of Cambodia,” https://www.microcapital.org/microcapital-brief-responsability-lends-4m-to-acleda-bank-hattha-kaksekar-limited-hkl-of-cambodia/
MicroCapital article, January 8, 2012, “MICROCAPITAL BRIEF: ACLEDA Bank of Cambodia Borrow $40m from IFC Capitalization Fund,” https://www.microcapital.org/microcapital-brief-acleda-bank-of-cambodia-borrows-40m-from-ifc-capitalization-fund/
MicroCapital Universe Profile: ACLEDA Bank PLC https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=ACLEDA+Bank
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